I only have three more payments (paychecks) until the 401K Loan is paid off. I am excited to have the debt gone. I won’t see much of that $174 per pay period, but at least the debt will be gone.
Why won’t I see much of it? Starting September 10 I will be paying insurance for two and on October 1 my insurance premiums are tripling. That eats up all the money, but at least my take home pay isn’t reducing.
I took out the loan to pay off a credit card, (I won’t go into how I added more debt to it after), for $10,100 in 2009. Big mistake, won’t do that again. I learned my lesson, my retirement money is now off-limits.
Three more payments and one less anchor around my neck……………………..